摘要
在信息不对称的条件下,单一层次资本市场的博弈均衡形成无效的市场类型,多层次资本市场的博弈均衡可形成有条件的高效市场类型。资本市场层次拓展是资本市场良性发展并且发挥其功能的必要条件,层次结构必须是清晰的,转板与退市制度是保证资本市场层次拓展的基本前提,强化投资者关系管理是企业降低融资成本的关键。
The game equilibrium of single-level capital market form an invalid type of market under asymmetric information,multi-level capital market game equilibrium can form a conditional type of efficient markets.Level of capital market development is the sound development of the capital market to play its essential functions.Its hierarchical structure must be clear.The institution of turning the system board and delisting is the basic premise to ensure the multi-level capital market of health development.To strengthen investor relations management is the key of reducing financing cost for enterprises.
出处
《山西财经大学学报》
CSSCI
北大核心
2011年第12期46-54,共9页
Journal of Shanxi University of Finance and Economics
关键词
信息不对称
资本市场
层次拓展
information asymmetry
capital market
levels development
